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Sunshine Global Circuits Co (300739) Fair Value & Analysis

Technology · CN · Market cap 11.4B CNY

SG Sunshine Global Circuits Co 300739 · SHE
Price¥23.42
Fair Value¥5.05
Upside-78.4%
Quality38/100
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Expensive Growth
Thin margins · 4.4% net margin
Low debt · negative free cash flow
0.24% dividend yield
Trails peers (2/13)
Narrow moat 36/100
Evidence: Medium Range ¥4.66 – ¥5.54 Share as image

Fair value as of: Aug 13, 2026

From 14 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from ¥4.44 to ¥5.05 (+13.7%) since Jul 9, 2026. Share price −17.5% over the past month.

Below-average quality, and screening another 78% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥5.54). The favourable scenario is already priced in.
  • Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

¥38.42 ¥8.22 Fair Value ¥5.05 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ¥8.22 – ¥38.42 · fair‑value band ¥4.66 – ¥5.54 · the ¥23.42 price screens above the ¥5.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Sunshine Global Circuits Co (300739) currently trades at ¥23.42, while our model-based Fair Value estimate is ¥5.05, implying the stock looks roughly 78.4% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Sunshine Global Circuits Co generated revenue of 2.0B CNY at a net margin of 4.4%. Revenue grew 23.4% year over year. It earns a return on equity of 3.3%. Net debt stands at 78.3M CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥4.66 (bear case) to ¥5.54 (bull case); at ¥23.42, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 44% below its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -68% fair-value upside, at -78%, 300739 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ¥5.35 ¥5.19 ¥4.38 76
ROIC Compounder ¥3.19 ¥3.75 ¥4.24 72
Growth-Adj P/E ¥2.98 ¥4.26 ¥5.54 68
All 14 models by family
Earnings-Based
Graham-Dodd ¥1.51 ¥5.52 ¥7.44 54
Lynch FV ¥1.31 ¥1.88 ¥2.44 50
PEG = 1.0 ¥1.31 ¥1.88 ¥2.44 46
EPV ¥3.19 ¥3.75 ¥4.24 59
Multiples
P/E Multiple ¥4.66 ¥6.22 ¥7.77 63
P/S Multiple ¥2.83 ¥3.78 ¥4.72 58
P/B Multiple ¥2.83 ¥3.78 ¥4.72 55
EV/EBIT ¥6.89 ¥9.25 ¥11.61 53
EV/EBITDA ¥11.14 ¥14.91 ¥18.68 54
EV/Revenue ¥3.40 ¥4.93 ¥6.46 43
Asset-Based
NCAV (Graham) ¥3.70 ¥4.95 ¥7.39 50
Economic Profit
Residual Income ¥5.35 ¥5.19 ¥4.38 76
ROIC Compounder ¥3.19 ¥3.75 ¥4.24 72
Growth Earnings
Growth-Adj P/E ¥2.98 ¥4.26 ¥5.54 68

Widest divergence: Asset-Based (¥4.95) versus Earnings-Based (¥1.88). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.0B CNY
Revenue growth (YoY) +23.4%
Net margin 4.4%
Return on equity 3.3%
Free cash flow −104M CNY FY2025
P/E ratio 93.7
More key figures
Operating margin 8.3%
EPS (TTM) ¥0.2500
Dividend yield 0.2%
EPS growth (YoY) +33.3%
Net debt 78.3M CNY FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 38/100

Of which business quality 41 · Market factors (momentum, volatility) 55

Profitability 27
Margins and returns on capital today
Quality Growth 66
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 60
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Sunshine Global Circuits Co.,Ltd. engages in the research, development, manufacture, and sale of printed circuit boards (PCBs) in China.

Full company description

Sunshine Global Circuits Co.,Ltd. engages in the research, development, manufacture, and sale of printed circuit boards (PCBs) in China. The company offers AI acceleration card, heterogeneous computing server, optical module, server solid state drive, high-voltage dc planar transformer; communication backplane, switch, active antenna, communication power brick; and probe cards, load boards, vertical probe cards, and burn in boards. It also provides robot dog joint drive; axial-flux motor, dexterous hand jointmotor, and robot joint motor; and ultra-thick copper power energy board, battery management system, charging station power distribution, and embedded busbar. The company also exports its products to Europe, North America, and Southeast Asia. Sunshine Global Circuits Co.,Ltd. was founded in 2001 and is based in Shenzhen, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sunshine Global Circuits Co reported revenue of ¥1.9B in FY2025 versus ¥1.9B in FY2021, a compound +0.1%/yr. Reported net income was ¥82.9M in FY2025, compounding −6.7%/yr from FY2021.

Growth Quality 37/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.9B CNY
Latest YoY
+19.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.6%
Avg. growth/yr (11Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.5%
Revenue +0.1%/yr
FY21 ¥1.9B
FY22 ¥2.0B
FY23 ¥1.6B
FY24 ¥1.6B
FY25 ¥1.9B
Net income −6.7%/yr
FY21 ¥110M
FY22 ¥182M
FY23 ¥103M
FY24 ¥11.4M
FY25 ¥82.9M
Character of growth · EPS growth decomposed (2014-2024) +7.0 % p.a.
Revenue per share +12.4 pp

of which total revenue +13.2 pp · buybacks/dilution −0.8 pp

EBIT margin −5.3 pp
Tax rate +1.1 pp
Residual (interest, one-offs) −1.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

300739 screens 78% overvalued. Compare with Delta Electronics, Inc →

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Cite: Fair Value Calculator (2026). "Sunshine Global Circuits Co Fair Value". https://www.fairvalue-calculator.com/stock/300739

Peer Group

Electronic Components · 647 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 38 · Bottom 25%
Fair Value upside −78% · Bottom 25%
Return on equity (TTM) 3% · Below median
Return on assets 2% · Below median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 8% · Above median
Revenue growth 23% · Top 25%
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.11× · Higher than median

Valuation Multiples vs Electronic Components median · lower = cheaper

P/E (TTM) 93.7× · Pricier than 75% of peers
P/B 4.13× · Pricier than median
P/S (TTM) 5.82× · Pricier than 75% of peers
EV/EBITDA 42.7× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 36
PAST 13 · sector 24
HEALTH 94 · sector 95
DIVIDEND 5 · sector 23

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Delta Electronics, Inc 2308 1,790 TWD 602.37 TWD -66%
Luxshare Precision Industry Co 002475 ¥56.06 ¥38.44 -31%
Samsung Electro-Mechanics Co 009150 1,503,000 KRW 172,954 KRW -88%
Suzhou Dongshan Precision Manufacturing Co 002384 ¥202.11 ¥21.19 -90%
Elite Material Co 2383 5,730 TWD 830.20 TWD -86%
Yageo Corporation 2327 602.00 TWD 289.26 TWD -52%
Shengyi Technology Co 600183 ¥143.23 ¥36.30 -75%
Shennan Circuits Co 002916 ¥385.80 ¥125.52 -67%
Victory Giant Technology (HuiZhou) Co 2476 HK$238.60 HK$75.68 -68%
Kingboard Laminates Holdings 1888 HK$38.70 HK$8.95 -77%

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Frequently asked questions

Is Sunshine Global Circuits Co (300739) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥5.05 versus a price of ¥23.42, about −78% (overvalued).
What is the fair value of 300739?
Our model-based fair value for Sunshine Global Circuits Co is ¥5.05 (as of Aug 13, 2026), built from audited fundamentals. The current price is ¥23.42.
What is the quality score of 300739?
Sunshine Global Circuits Co has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Sunshine Global Circuits Co (300739)?
Sunshine Global Circuits Co reported trailing-twelve-month revenue of about 2.0B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 300739?
The net profit margin of Sunshine Global Circuits Co is about 4.4%, meaning it keeps roughly 4.4% of revenue as net income. Based on the latest reported figures.
Does Sunshine Global Circuits Co pay a dividend?
Sunshine Global Circuits Co currently shows a dividend yield of about 0.24% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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